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Requirements 1. Prepare Vinson's sales budget for the first quarter of 2025. 2. Prepare Vinson's production budget for the first quarter of 2025. 3. Prepare Vinson's direct materials budget, direct labor budget, and manufacturing overhead budget for the first quarter of 2025 . Round the predetermined overhead allocation rate to two decimal places. The overhead allocation base is direct labor hours. 4. Prepare Vinson's cost of goods sold budget for the first quarter of 2025. 5. Prepare Vinson's selling and administrative expense budget for the first quarter of 2025 . Data table Vinson Batting Company Balance Sheet December 31,2024 Assets Current Assets: \begin{tabular}{lrr} Cash & $ & 20,000 \\ \hline Accounts Receivable & 21,600 \\ Raw Materials Inventory & 12,600 \\ Finished Goods Inventory & 16,800 \\ Total Current Assets & $ & 71,000 \\ Property, Plant, and Equipment: & 115,000 & 50,000 \\ Equipment & (65,000) \\ Less: Accumulated Depreciation & & \end{tabular} Total Assets $121,000 Liabilities Current Liabilities: Accounts Payable \$ 10,500 Stockholders' Equity Common Stock, no par Retained Earnings $100,00010,500 Total Stockholders' Equity Total Liabilities and Stockholders' Equity 110,500$121,000 a. Budgeted sales are 2,000 youth bats and 3,600 adult bats. b. Finished Goods Inventory on December 31, 2024, consists of 600 youth bats at $16 each and 720 adult bats at $10 each. c. Desired ending Finished Goods Inventory is 200 youth bats and 460 adult bats; FIFO inventory costing method is used. d. Direct materials requirements are 40 ounces of wood per youth bat and 58 ounces of wood per adult bat. The cost of wood is $0.45 per ounce. e. Raw Materials Inventory on December 31,2024 , consists of 28,000 ounces of wood at $0.45 per ounce. f. Desired ending Raw Materials Inventory is 28,000 ounces (indirect materials are insignificant and not considered for budgeting purposes). g. Each bat requires 0.2 hours of direct labor; direct labor costs average $10 per hour. h. Variable manufacturing overhead is $0.40 per bat. i. Fixed manufacturing overhead includes $700 per quarter in depreciation and $3,252 per quarter for other costs, such as insurance and property taxes. j. Fixed selling and administrative expenses include $10,000 per quarter for salaries; $3,000 per quarter for rent; $1,500 per quarter for insurance; and $250 j. Fixed selling and administrative expenses include $10,000 per quarter for salaries; \$3,000 per quarter for rent; $1,500 per quarter for insurance; and $250 per quarter for depreciation. k. Variable selling and administrative expenses include supplies at 4% of sales. Requirement 1. Prepare Vinson's sales budget for the first quarter of 2025. Requirement 2. Prepare Vinson's production budget for the first quarter of 2025. Direct Materials Budget Direct materials per bat (ounces) Direct materials needed for production Plus: Total direct materials needed Less: Budgeted purchases of direct materials Direct materials cost per ounce Budgeted cost of direct materials Vinson Batting Company Direct Labor Budget For the Quarter Ended March 31, 2025 Direct labor hours needed for production BOH cost per bat Budgeted VOH Budgeted FOH Depreciation Insurance and property taxes Total budgeted FOH Budgeted manufacturing overhead costs Direct labor hours Budgeted manufacturing overhead costs Predetermined overhead allocation rate Requirement 4. Prepare Vinson's cost of goods sold budget for the first quarter of 2025 Before preparing the cost of goods sold budget. calculate the projected manufacturing cost per bat for 2025 . (Round all amounts to the nearest cent) Now prepare the cost of goods sold budget. Review the sales budget you prepared above. Review the production budget you prepared above. Requirement 5. Prepare Vinson's selling and administrative expense budget for the first quarter of 2025. Review the sales budget you prepared above. The Vinson Batting Company manufactures wood baseball bats. Vinson's two primary products are a youth bat, designed for chidren and young teens, and an adull kat, designed for high school and college-aged players. Vinson solls the bats to spocting goods stores and all sales are on account. The youth bat sells for $50, the adult bat sells for 560 . Vesison's highest sales volume is in the first three months of the year as rotailers prepare for the spring baseball season. Vinson's halance sheet for December 31,2024 , and othor data for the first quarter of 2025 follow: (Click the icon to view the balance sheet) (1) (Click the icon to view the ether data)